, the company’s financial position remains strong with low debt-to-equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management Discussion and Analysis | 4 Operating

, adding the Company’s Equity MW under operation to 521 MW ended 2018. • Finance costs decreased by 27.0%, mainly from significant decrease in cost of fund as a result of the issuance of debentures with

Equity Method and separately presented under share of profit from investment in a joint venture. Hotel business recorded a revenue growth of 19% YoY in 3Q17 and 10% YoY in 9M17. During 2016, Phi Phi

) in UK was recognized under Equity Method and separately presented under share of gain (loss) from investment in joint venture. Hotel business recorded a revenue growth of 14% YoY in 4Q17 and 11% YoY in

required Debt to Equity ratio due to the MRTA is fully responsible for the loan repayment according to the concession agreement. Overview Operational Results In the year 2017, the Company had the net profit

from the wholesale business decreased due to competition from larger competitors within the dealer customer group. However, the trend for franchises has improved, even though it cannot fully compensate

. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

equity proportion is approximately 25 percent). The capacity expansion project is planned to begin construction in August 2018 and is expected to be completed and commence commercial operation

income for the three-month and nine-month periods, the consolidated of changes in equity, and cash flows for the nine-month period ended 30 September 2017, comparative information, were adjusted according

showing a decrease of 66.7% from the same period last year due to improved-though-still-at-loss operations from Dusit Fudu Hotel Management (Shanghai) Co.,Ltd. The Company reported a 4Q18 EBITDA from Hotel